The airline was established and started operations in September 1994 as Airzena, initially operating business and charter flights. Scheduled services were added in 1997. Airzena merged with Air Georgia in November 1999 to form Airzena Georgian Airlines and adopted the current name on 1 October 2004.
In July 2011 Mikhail Bagdasarov, owner of Armenia’s national carrier, Armavia, planned to purchase Georgian Airways. As of July 2013, the deal has not been finalized due to the declaration of bankruptcy by Armavia.
On 16 October 2011, Georgian Airways announced its intention to sign a contract with Boeing for two new Boeing 737NG and expressed interest in a Boeing 787. It expects to receive the 737 in late 2012, a possible 787 order could be delivered from 2018.
As of December 2012, the average age of the Georgian Airways fleet is 14.4 years.